I just got a Bushnell Elite 4200 in 2.5-10x40 and I had a chance to compare it side by side. It's sunny out so not exactly the time to compare... I'll do it again at dusk at some point. But here's what I found.
I could immediately see that the Bushnell Elite has better image quality. If it were a camera lens, there'd be quality differences in the resulting pictures that were noticeable. But it wasn't like, wow the Centerpoint is bad in comparison. It's just the Bushnell looked noticeably better (not night and day but definitely brighter and clearer). For shooting or hunting, I can see no problem with the CP's image quality, it's very good as far as I'm concerned and I like the Adjustable Objective for a nice sharp focus at varrying distances. Dusk and Dawn could be another story in image quality. I'd not doubt there will be quite an edge to the Bushnell in very low light although I will say I've shot a squirrel or two (head shots) at dusk with the CP and it's done just fine.
I could see some minor artifacts/reflections in the Centerpoint from the sun. It wasn't enough distraction to be a problem but I could see them. With the wrong sun angle, I'm sure the CP could be unusable. I haven't had a real bad situation to compare the two in yet but these minor artifacts weren't visible on the Elite 4200.
The Centerpoint actually wins hands down in one department so far and that happens to be what I use a scope for most often... indoor range 10 yard bullseye shooting with a PCP air rifle (QB78). With both scopes each on 10 power (max for the Bushnell) I could barely distinguish edges on the target. Actually, it was so blurred out of focus I could hardly tell what I was looking at. The CP focuses tack sharp at 10 yards. I'm sure the reason here is the Adjustable Objective. At 10 yards I could only use the Bushnell at 6 power and still have a sharp image. This is no good for me when it comes to close up target shooting. I shoot much better groups at high magnification. Groups at 4 power were about nickel size where at 10 or 12 on the CP scope, I can consistently shoot dime size or smaller and occassionally I shoot 2 or 3 through a single .177 pellet hole. With regular Crosman wadcutter (milk carton box) pellets, I find that's the best I can do with this rifle. I tried some other brands (JSB Exacts, Crosman Premier, and a few other good pellets) and they're maybe a tiny bit more consistent (same size groups but without the occasional flyer).
Accuracy wise, the CP seems to hold a zero well on this rifle as well as the harsh spring airgun that I have the other one on.
But that's my thoughts on it compared to a 'real' scope. I still don't consider it a throw away as I expected I would after buying a $500 Elite. It's a great scope for the $40 I paid (refurbished). If it holds a zero for 10 years through rough handling and frequent shooting, I'd call it a very good scope. Time will tell there.